本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.07元 ? 相关日期 | | | 证券代码：603588 证券简称：高能环境 公告编号：2025-033 北京高能时代环境技术股份有限公司2024年年度权益分派实施公告 公司无限售条件流通股股东李卫国、刘泽军、许利民、向锦明、李兴国的红利由本公司 直接发放。 （1）对于持有公司无限售条件流通股的自然人股东和证券投资基金：根据《关于实施上 市公司股息红利差别化个人所得税政策有关问题的通知》 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 9 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | - ...

北京高能时代环境技术股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 证券代码：603588 证券简称：高能环境 公告编号：2025-033 A 股每股现金红利0.07元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/23 | － | 2025/5/26 | 2025/5/26 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 9 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,523,234,457股为基数，每股派发现金红利 0.07元（含税），共计 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental and Gao Neng Environment [4][24]. Core Insights - The report emphasizes the importance of digital and green transformation in the environmental industry, driven by new policies and regulations aimed at enhancing energy efficiency and promoting low-carbon technologies [10][20]. - It highlights the expected benefits for companies involved in energy-saving processes, low-carbon technology research, and circular economy innovations, particularly in high-energy-consuming sectors like power, metallurgy, and petrochemicals [20][21]. - The report suggests focusing on companies with leading advantages in green process research and industrial pollution control equipment, such as Longjing Environmental and Bihui Source [20][22]. Summary by Sections 1. Investment Views - The report discusses the issuance of the "2025 Digital and Green Collaborative Transformation Development Work Points" by multiple government departments, which outlines systematic requirements for low-carbon digitalization and traditional industry empowerment [10]. - It also mentions the "2025 Legislative Work Plan" from the State Council, which focuses on upgrading environmental legislation and enhancing regulatory frameworks for green development [21][22]. - The report notes that the current macroeconomic environment, characterized by historically low interest rates, presents a favorable backdrop for investing in high-dividend and growth-oriented assets [2][23]. 2. Market Performance - The environmental sector underperformed compared to the broader market, with the environmental index rising only 0.10% against a 0.76% increase in the Shanghai Composite Index [3][25]. - Specific sub-sectors showed varied performance, with monitoring up by 1.61% while water treatment and energy-saving sectors declined [3][25]. 3. Industry News - Recent policies in Henan Province aim to enhance resource recycling and promote the establishment of a comprehensive recycling system [38]. - The central government has issued guidelines to accelerate urban renewal actions, focusing on improving urban infrastructure and waste management systems [38]. - New regulations on ecological environment protection have been introduced, emphasizing the need for robust environmental oversight [38]. 4. Key Announcements - The report includes various corporate announcements, such as bond issuances and share transfers, which reflect ongoing activities within the environmental sector [39][40].

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，泗洪高能餐厨废弃物处置有限公司成立，法定代表人 为朱义杰，注册资本100万元，经营范围包含：许可项目：餐厨垃圾处理；城市生活垃圾经营性服务； 城市建筑垃圾处置(清运)；发电业务、输电业务、供(配)电业务；道路货物运输(不含危险货物)；建设工 程施工；饲料生产；饲料添加剂生产；动物饲养(依法须经批准的项目，经相关部门批准后方可开展经 营活动，具体经营项目以审批结果为准)一般项目：农村生活垃圾经营性服务；以自有资金从事投资活 动；固体废物治理；生物质燃料销售(不含危险化学品)；生物质燃料加工；环保咨询服务；环境应急治 理服务；大气环境污染防治服务；污水处理及其再生利用；水环境污染防治服务；水污染治理；专用化 学产品销售(不含危险化学品)；生物饲料研发；饲料添加剂销售；饲料原料销售；食品添加剂销售；生 物有机肥料研发；肥料销售；生态环境材料销售；资源再生利用技术研发；工程和技术研究和试验发 展；农业专业及辅助性活动；智能农业管理；农副产品销售；水果种植；食用农产品初加工；生态恢复 及生态保护服务；土壤污染治理与修复服务；农林牧渔业废弃物综合利用； ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [4]. Core Insights - The environmental protection industry faced pressure in 2024, with overall revenue declining by 3.3% year-on-year to CNY 348.96 billion, and net profit dropping by 37.7% to CNY 13.8 billion, attributed to difficulties in accounts receivable collection and increased impairment losses [1][13]. - In Q1 2025, the industry showed signs of recovery with revenue at CNY 78.83 billion, a slight decline of 1.8% year-on-year, while net profit increased by 4.1% to CNY 7.25 billion, driven by reduced production costs and increased investment income [1][16]. - The report highlights a divergence in performance among sub-sectors, with solid waste management showing growth while energy-saving and atmospheric governance sectors faced significant challenges [3][19]. Summary by Sections Overview - The environmental protection industry is categorized into six sub-sectors: water services, water treatment, solid waste management, atmospheric governance, monitoring, and energy-saving [11]. Sub-Industry Analysis - **Solid Waste Management**: Revenue increased by 6.2% to CNY 162.26 billion, but net profit fell by 12.3% to CNY 7.28 billion due to increased credit impairment losses [41][45]. - **Water Services**: Revenue remained stable at CNY 76.72 billion, with a slight decline of 0.4%, while net profit rose by 24.7% to CNY 12.11 billion, benefiting from operational efficiencies [49][54]. - **Monitoring**: Revenue decreased by 1.7% to CNY 10.28 billion, with net profit showing a significant decline of 109.5% to -CNY 0.45 billion due to increased impairment losses [60]. Financial Performance - The overall net profit margin for the environmental sector decreased to 4.6%, down 2.1 percentage points year-on-year, influenced by rising asset impairment losses and increased expense ratios [23]. - Operating cash flow for the industry grew by 10.9% to CNY 48.3 billion, primarily due to reduced procurement and improved collection [28]. Investment Recommendations - The report recommends focusing on high-growth areas such as resource recycling and public utility platforms, particularly companies like Gaoneng Environment and Huicheng Environmental, which are expected to benefit from carbon neutrality initiatives [3][4].

Market Overview - The Shanghai Composite Index is at 3305.11 points, below the six-month moving average, with a change of 0.80% [1] - The total trading volume of A-shares is 646.819 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 272 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Zhongcheng Technology: 14.42% deviation, with a price increase of 14.99% [1] - Oulutong: 10.01% deviation, with a price increase of 11.78% [1] - Jiusheng Electric: 9.22% deviation, with a price increase of 19.97% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Yongdong Co., Sumeida, and Yuhua Tian, which have just crossed the six-month line [1] Additional Stocks with Notable Performance - Other stocks with notable performance include: - Benlang New Materials: 8.45% deviation, with a price increase of 10.35% [1] - Quanzhu Co.: 8.00% deviation, with a price increase of 9.85% [1] - Chuanrun Co.: 7.95% deviation, with a price increase of 10.03% [1]

证券代码：603588 证券简称：高能环境 公告编号：2025-031 北京高能时代环境技术股份有限公司 关于为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称： 伊犁高能时代生物能源有限公司（以下简称"伊犁高能"）， 江西鑫科环保高新技术有限公司（以下简称"江西鑫科"），均非上市公司 关联人。 本次担保金额及已实际为其提供的担保余额： 本次为伊犁高能担保金额不超过人民币 2,000 万元，为续授信担保额度； 本次为江西鑫科担保金额不超过人民币 15,000 万元，为续授信担保额度。 截至 2025 年 4 月 21 日，北京高能时代环境技术股份有限公司（以下简称"公 司"）实际为伊犁高能提供担保余额为 48,566.67 万元，为江西鑫科提供担保余 额为 178,633.67 万元。 特别风险提示：经审议通过的公司及控股子公司对外担保总额为 1,263,869.87 万元，占公司最近一期经审计归属于上市公司股东净资产的 139.71%，其中公司为控股子公司提供担保总额为 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Hui Cheng Environmental and Gao Neng Environment [4][8]. Core Insights - The Ministry of Ecology and Environment has issued guidelines to enhance environmental impact assessments for new pollutants, promoting green transformation in traditional manufacturing [11][20]. - The Ministry of Finance has allocated a budget of 13.56518 billion yuan for energy-saving and emission reduction subsidies in 2025, which will accelerate the development of the new energy vehicle industry [21][24]. - The environmental protection sector has shown strong performance, outperforming the broader market indices [28]. Summary by Sections Investment Views - The report highlights the issuance of guidelines by the Ministry of Ecology and Environment to strengthen environmental impact assessments for key industries, focusing on new pollutants [11]. - The budget for energy-saving and emission reduction subsidies has been set at 13.56518 billion yuan, with significant allocations for new energy vehicles and charging infrastructure [21][24]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend and growth-oriented assets in the environmental sector [25]. Market Performance - The environmental protection sector outperformed major indices, with a weekly increase of 2.49%, surpassing the Shanghai Composite Index by 1.93% [28]. - Notable stock performances include Hanwei Technology, Fuchun Environmental, and Yuntou Ecology, which saw significant gains, while Guozhong Water and Shenwu Energy experienced declines [28]. Industry News - Recent developments include the issuance of guidelines for low-emission waste incineration in Zhejiang Province and measures to promote high-quality development in enterprises in Sichuan [39]. - The report also notes the implementation of methane emission control plans in Hunan Province, reflecting ongoing efforts to address environmental challenges [39]. Key Companies - Hui Cheng Environmental is recognized for its technological innovations and significant projects in hazardous waste management, with expectations for continued revenue growth [27]. - Gao Neng Environment aims to become a leading environmental system service provider, benefiting from increased orders related to soil pollution prevention and waste management [27]. - Hong Cheng Environment is highlighted for its stable growth and high dividend payouts, making it an attractive investment option [27].